By: Franyi Sarmiento, Ph.D., Inspenet, September 20, 2022
The global demand for oil will increase in the coming months and through 2023. It is estimated that it will increase by two million barrels per day until the end of 2022 and by 2.1 million barrels per day in 2023, according to a report by the International Energy Agency (IEA).
At the end of August, world crude supply reached 101.3 million barrels a day, which is five million more than a year ago. It reached this level after the increase of 790,000 barrels per day in the same month, plus the contribution of the member countries of the International Energy Agency that “released almost 180 million barrels of government stocks between March and August, with an additional 52 million barrels scheduled for the next two months,” the recent report details.
International statistics show that total oil exports from Russia increased by 220,000 barrels a day last month to 7.6 million barrels a day, a figure that is only 390,000 barrels below the levels registered at the beginning of 2022.
While the European Union together with the United Kingdom have reduced their imports of Russian crude by 880,000 barrels per day since the beginning of the year and were around 1.7 million barrels per day at the end of August, imports from the US. they grew by 400,000 barrels to 1.6 million barrels per day. The EU has largely kept import volumes of Russian diesel at around 600,000 barrels a day, although it intends to replace these deliveries by other sources from next February.
Three promising projects to satisfy the demand for diesel mentioned in the report are the refineries under construction in Kuwait, Nigeria and Mexico, the same ones that will come into operation until the end of 2023.
This material from the Actualidad RT portal in Spanish was edited for clarity, style and length.
Source : https://actualidad.rt.com/actualidad/441699-expertos-prevision-aumento-demanda-petroleo
Photo: ShutterStock
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